Dalian Developer Presentation

DALIAN DEVELOPER

“the world’s largest and most versatile drillship and field development asset”

February 2011

DALIANDALIANDEVELOPERDEVELOPER

Project Presentation – February 2011

1. Introduction

2. Asset Description

3. Asset Functionality

4. EPC Contractor

5. Project Status

6. Summary

7. Contacts

Contents



• Following the failure of MPF Corp to obtain financing to complete construction of its MPF-01ultradeepwater drillship, the company was placed under US Chapter 11 bankruptcy protection in Sept2008

• In July 2010, a restructuring of the project resulted in a capital write-down of about USD 610 million

• The vessel was renamed as the “Dalian Developer” and is now under construction as anultradeepwater drillship

• The unit is now owned by an SPC which is financed by, and has contractual ties with, DVB Bank

• Under a lump sum turn-key EPC contract with the owner, Cosco (Dalian) Shipyard Co Ltd will completethe unit with delivery planned for 3Q 2012

• Cosco acquired the equipment from MPF Corp and settled all claims with the related suppliers

• The EPC contract price is USD 561 million, of which USD 110 million has been paid as downpayment

• The Dalian Developer is fully financed until delivery

• Vantage Drilling Company has been engaged as Construction Supervisor

• DVB is marketing the Dalian Developer for sale and for charter

1. Introduction




General Particulars:

• Basic Design: MPF 1000

• Detailed Design: COSCO

• Class: DNV – DP3

• LOA: 291.25 m

• Breadth: 50.00 m

• Depth: 27.00 m

• Drilling Draft: 13.00 m

• Displacement: 240,750 mt

• Water Depth: 3,050 m

• Drilling Depth: 10,670 m

• Transit Speed: 12 knots

• Accommodation: 180 men

• Crude Oil Storage: 1,000,000 bbls

• Variable Deck Load: 25,000 mt

Design Features:

• Double hull structure (built to ICE class)• Identical bow and stern sections for +/- 90˚ heading change• Large variable deck load and storage capacity• Motion characteristics equivalent to 6th generation semi in head seas• 2 moon-pools (drilling and production)• Equipment / system modularized and elevated above tank top – less integration• Accommodation upgradable to 240 men• Pre-prepared for production upgrade• Large available deck space for additional services (EWT, EPS, etc.)• Large oil storage capacity for production




Drilling EquipmentAKMH / Dril-Quip / Hydril

CranesHydramarine

LQ / Helideck / LifeboatsEmtunga

Power / Propulsion / AutomationWartsila Automation (WANO)

Hull ConstructionCOSCO

Hull / Marine DesignInocean

• Leading equipment vendors

• Industry proven equipment and technical solutions

• Certain vendors like WANO and AKMH have ‘sub-EPC’ scope with Cosco

• Engineering by RDS, Mustang, Inocean and Cosco



2. Asset Description – Main Drilling Equipment

• MH HiPro Quad Derrick, 42x46 ft base, 210 ft height, SWL 2,000,000 lbs(907 mt). Derrick designed for 1,135 mt

• Stand building while drilling (for drill pipe and casing)

• Set-back, racking capacity 38,000 ft DP and 8,600 ft casing (9-5/8”)

• Crown Mounted Active Heave Compensator, 1,000 kips, 25 ft stroke

• Bridge crane vertical pipe handling system for racking

• Wirth GH 4500 AC drawwork, with Baylor Brake, Auto Driller

• Two iron roughnecks on drill floor (interchangeable)

• Top drive – MH DDM-1000-AC-2M - 128,000 Nm @ 125 rpm

• Rotary table, 60 ½” hydraulic driven

• 8 x Dual wire-line riser tensioners (3,200,000 lbs total)



3. Asset Functionality: Drilling Unit & Logistic Hub

• Large aft deck area (30,000 ft2) can be used for storage of equipment for other rigs in vicinity

• Potentially could store / mud / bulk in aft cargo tank if converted

• Potential additional crane installed on port side. (Note: Aft cranes on Starboard side to allow clear access for production facilities / packages from port side)

• Can upgrade accommodation to 240 capacity

• Significant advantages for Operations in:

• Remote Locations• Lack of or limited infrastructure• Brazil: Pre-Salt area is 300 – 400 km offshore• West Africa: Logistic Challenges, Security Issues• East Africa: New Frontier – no infrastructure



5. Hazard Area Plan – Prepared for Production, Storage & Offloading

October 2010 Project Briefing – Drilling & Production Mode



3. Extended Well Testing / Early Production

• Following the drilling of a well / wells, they can be hooked up to the DD for extended well testing to gather reservoir data and receive additional incomes, or simply to produce oil quickly to earn early returns in potentially remote locations

• Previous history of DP production e.g. Seillean

• Personnel in Vantage with previous Seillean experience



General Arrangement of Dalian Developer including Production




Early Production #1 – Production from main drilling moonpool


Case # 1: Production from main drilling moonpool

- Principle system similar to drilling unit test production - Use existing drilling derrick to operate production riser- Upgrade of drilling derrick for production - Disconnect of production riser by means of LMRP



Early Production #2 – Production from 2nd moonpool – fixed riser buoy


Case # 2: Production from 2nd moonpool by fixed riser buoy termination in hull- Use traditional flexible production risers- Releasable riser buoy for quick disconnect - No swivel stack necessary

- ± 90 deg heading when buoy connected



Early Production #3 – Production from 2nd moonpool – turret riser buoy


Case # 3: Production from 2nd moonpool by turret riser buoy terminated in hull- Use traditional flexible production risers- Releasable riser buoy for quick disconnect /connect- Swivel stack to handle turret rotation - Full heading control when drilling riser is disconnected



Early Production #4 – Production from 2nd moonpool – Seillean Solution


Case # 4: Production from 2nd moonpool by Seillean riser solution

- Use 2nd moonpool to operate production riser- Upgrade with Seillean solution production equipment- Disconnect of riser similar to drilling system by LMRP



3. Simultaneous Drilling & Production

• Earlier studies have indicated this is

possible

• Seillean type solution and mast or use

of APL type buoy in aft moonpool

• Further studies required to check

feasibility



3. Subsea Construction / Hook Up

• Aft moonpool can potentially be used

for subsea construction activities

• Tree running

• Jumper running and hook up

• Space for 2 or more ROVs

• Use of tower, subsea winch or large

heave compensated deepwater crane



3. Emergency Response & Containment

• While also used in drilling mode DD can be pre-prepared for emergency response / containment activities

• Production equipment onboard

• Storage / offloading facilities

• Deck area for field storage

• Drilling of relief wells



E&P Activities Dalian Developer

Drill Ship

Semi FPSO

Exploration & Appraisal Drilling √ √ √Testing √ √ √Extended Well Testing √ √Early Production √ √Drilling of Production Wells √ √ √Work Over √ √ √Production √ √Storage √ √Offloading √ √

3. Asset Functionality - Summary

Limited

Drilling Unit with Versatile Applications:

• Warehouse Logistics Offshore Hub• lower dependence on supply chain• serve multiple vessels in remote offshore areas

• Extended Well Testing• more reliable reservoir data / history

• Early Production• early cash flow

• Simultaneously Drilling & Production• drilling appraisal wells while testing• drilling development wells while producing

• Intervention & Subsea Installation Works• drilling while carrying out well intervention

• Oil Spill Emergency Response & Containment • contain, process and store well flow while drilling relief wells



About Cosco Shipyard Group:• Cosco Shipyard Group is one of China’s leading shipyard groups, and arguably China’s leading offshore yard

• Owns 7 yards throughout China, employing over 50,000 workers

• Since 2001, Cosco has developed a successful track record in offshore vessel newbuilds/conversions ranging from ultradeepwaterdrilling rigs to complex FPSOs

4. EPC Contractor

Key Offshore Project ExperienceProject Asset Client StatusSevan Driller I UDW DP3

drilling rigSevan Delivered

(Petrobras)

Tupi Pilot 100k bopdFPSO

Modec Delivered (Petrobras)

Caesar DP 2 Pipe-Layer

Helix Energy Delivered

OpportunityGas

350mmcfd FPSO

Modec Delivered (Petrobras)

Sevan Driller II UDW DP3 drilling rig

Sevan Under Construction

GM4000 Semi-sub drilling rig

Maracc-Island

Under Construction

Corporate Structure

*Cosco Group – China’s largest shipping group and a leading Chinese SOE

*

** Temasek Holdings

**



5. Project Status

Level 1 Schedule Summary:



5. Project Status

Current Status:

• Construction supervision team from Vantage currently circa 15 full time personnel at site. Project offices established. Gradualramp-up to 19 personnel by March 2011. Discipline support from Vantage’s Singapore HQ. Experienced PM engaged fromVantage’s S. Korean drillship project.

• Engineering approx 70-80% complete. Cosco design engineers (currently a team of 76) have been working since May 2010.Estimated completion Q2 2011 – priority focus.

• Dedicated quay-side and lay-down / storage and fabrication areas arranged. Hull alongside quay and tank work / coating andoutfitting ongoing.

• LQ lifted onboard and installed, equipment start arriving yard



5. Project Status



Key Points:

• The world’s largest and most versatile drillship

• Unique capabilities create option value for operators

• Very competitive build cost

• Built under fixed-price, turn-key EPC Contract with China’s leading offshore yard

• Experienced construction supervisor / manager – Vantage Drilling Company

• Clear market delivery window - 3Q 2012

• Flexible commercial arrangements

Value proposition for the Malaysian market:

• An effective tool for deepwater field development

• Deepwater drillship with additional options and capabilities

• Enables commercialization of marginal deepwater fields

• Accelerate “first oil” – early cash flow

• Flow containment and response capabilities

6. Summary



7. Contacts

SINGAPORE

OSLO

Jonas Gunstad Jonas Gunstad Senior Vice PresidentMobile: +47 924 51 000Office: +47 23 01 22 06Fax: +47 23 01 22 66

Email: [email protected]

DVB Group Merchant Bank (Asia) Ltd

77 Robinson Rd, #30-02

Singapore 068896

Singapore

Sven DybdahlSven DybdahlManaging Director / Head FPG

Phone: +65 6511 3436Mobile: +65 9030 2565Fax: +65 6511 0700


Jonny KlepsvikJonny KlepsvikSenior Vice PresidentPhone: +65 6511 3473Mobile: +65 9647 5662Fax: +65 6511 0700


DVB Bank SE (Nordic Branch)

Haakon VII’s Gate 1 (Office)

Postbox 1999 (Postal)

0125 Oslo

Norway

Sidat SenanayakeSidat SenanayakeVice President

Phone: +65 6511 3476Mobile: +65 9105 4159Fax: +65 6511 0700


mailto:[email protected]




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Dalian Developer Presentation

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